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Latest Articles: Economy
House GOP Targets Dozens of Government Programs With Spending Cut Plan [Full Thread]
Post Date: 2011-02-09 15:08:09 by Happy Quanzaa
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House Republicans have proposed cutting or eliminating dozens of government programs as part of a plan they say will save up to $74 billion, kicking off what is sure to be a vigorous debate on Capitol Hill over what to keep and what to slash. Offering a first glimpse of the specifics Republicans have in mind to rein in spending, House Appropriations Committee Chairman Hal Rogers, R-Ky., on Tuesday released a partial list of 70 spending cuts included as part of the GOP's budget proposal for funding the government through the end of the fiscal year. The cuts go after common conservative targets, including the Environmental Protection Agency and Amtrak, but also cover everything from law ...
Obamanomics strikes again: New York loses oil trade crown to London
Post Date: 2011-02-04 19:56:10 by Happy Quanzaa
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London wrenches oil trade crown from New York (Reuters) - London is set to overtake New York as the biggest center of crude and oil product futures trade this year, signaling a shift in power as the capital benefits from soaring demand in Asia and mounting concerns over the usefulness of key U.S. contracts. The IntercontinentalExchange ICE.L, headquartered in Atlanta but known for its European contracts, has increased its share of the major crude and product futures trade to just shy of 49 percent in 2010, having doubled its volume in five years. Trade on long-term rival the New York Mercantile Exchange has also expanded thanks to burgeoning interest in commodities from traders and ...
Santelli Slams CNBC Shills for Spinning Jobs Report
Post Date: 2011-02-04 12:27:57 by Happy Quanzaa
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CNBC's floor reporter criticizes 'kool-aid drinkers' for trying to find good news in the 'disappointing. Jobs are heading up and down at the same time. The Bureau of Labor Statistics announced the morning of Feb. 4 that only 36,000 jobs were added in the month of January, but the unemployment rate dropped from 9.4 percent to 9.0 percent. The mainstream news media will likely latch on to the dropping unemployment rate, despite job gains that were less than one-fourth of the consensus estimate of 148,000 jobs added. One of the CNBC panelists noted that the increase was "way below consensus." CNBC's Rick Santelli even lashed out at some of the CNBC "Squawk ...
100 sled dogs in Canada killed after business slows
Post Date: 2011-02-02 20:25:00 by Godwinson
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100 dogs in Canada killed after business slows The Associated Press Monday, January 31, 2011; 8:08 PM VANCOUVER, British Columbia -- An organization that fights animal abuse is calling the slaughter of 100 sled dogs by an outdoor adventure company in British Columbia a bloodbath and police are investigating. The British Columbia SPCA's manager of animal cruelty investigations said Monday an Outdoor Adventures Whistler employee was told to cull the dogs. Marcie Moriarty says some dogs were shot, while others' throats were slit before their bodies were pitched into a mass grave. Vancouver radio station CKNW radio is reporting that the company expected more sledding business in ...
The Reagan Ruins (Ronald Reagan ruined America)
Post Date: 2011-02-02 12:49:58 by Godwinson
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Robert L. Borosage President, Institute for America's Future February 1, 2011 10:03 AM The Reagan Ruins The celebration of Ronald Reagan's 100th birthday doesn't come until early March, but the devotions have been going on for years. For conservatives, Reagan is the lodestar, the genial demigod to whom all must avow fealty. In a Time cover story, Michael Scherer and Michael Duffy suggest that Obama considers Reagan "The Role Model." Richard Norton Smith, writing about the "Reagan Revelation," attributes Obama's uptick in the polls because he's been "acting positively Reaganesque," reaching out to the business community, scoring ...
The Final Failure of Reaganomics
Post Date: 2011-02-02 12:25:57 by Godwinson
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The Final Failure of Reaganomics Thursday, 25 September 2008 00:37 Greg Guma Source: Maverick Media We've all seen the headlines: The government takes over troubled mortgage giants Fannie Mae and Freddie Mac, Lehman Brothers files for bankruptcy, Merrill Lynch is acquired by the Bank of America, and the government announces an $85 billion emergency loan to rescue insurance giant American International Group (AIG) as stock prices plummet. And that was just the beginning. The government is currently debating a $700 billion bailout of distressed banks under a plan that initially proposed to give Treasury Secretary Henry Paulson and the Bush administration unprecedented power. We need ...
Wage Stagnation, Growing Insecurity, and the Future of the U.S. Working Class
Post Date: 2011-02-01 11:31:16 by Godwinson
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Wage Stagnation, Growing Insecurity, and the Future of the U.S. Working Class by William K. Tabb ....snip.....Over the three decades from 1972 to 2001, the wages and salaries of even those Americans at the 90th percentile (those doing better than 90 percent of their fellow citizens) experienced income gains of only 1 percent a year on average. Those at the 99.9th percentile saw their income rise by 181 percent over these years (to an income averaging almost $1.7 million). Those at the 99.99th percentile had income growth of 497 percent.1 From an economic standpoint what has happened is that the link between productivity and wages has been broken. No longer does economic growth mean ...
Matt Taibbi: How Wall Street Is Like the Russian Oligarchy
Post Date: 2011-02-01 10:58:20 by Godwinson
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Matt Taibbi: How Wall Street Is Like the Russian Oligarchy Big Think Editors on January 7, 2011, 12:00 AM Since branding Wall Street's pre-eminent investment bank, Goldman Sachs with the epithet "vampire squid," Rolling Stone correspondent Matt Taibbi has made quite a name for himself in the mainstream American media. Despite the popularity of Taibbi's caustic commentary, few realize his nose for sniffing out corruption and hypocrisy was trained long before he turned his attention to the U.S. financial industry. In his recent Big Think interview, Taibbi explains how the time he spent in Russia throughout the 1990s, co-running the eXile, a satirical ex-pat newspaper ...
USA wealth inequality worse than Egypt, Tunisia, Yemen...But we're better than Haiti, Rwanda...U-S-A! U-S-A!
Post Date: 2011-01-31 20:37:24 by Godwinson
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USA wealth inequality worse than Egypt, Tunisia, Yemen...But we're better than Haiti, Rwanda...U-S-A! U-S-A! Jan 31, 2011 Click for Full Text!
OECD: U.S. Has Most Progressive Tax System
Post Date: 2011-01-29 17:29:59 by jwpegler
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A study of 24 leading economies by the Organization of Economic Cooperation and Development (OECD) concludes that, "Taxation is most progressively distributed in the United States, probably reflecting the greater role played there by refundable tax credits, such as the Earned Income Tax Credit and the Child Tax Credit... Taxes tend to be least progressive in the Nordic countries (notably, Sweden), France and Switzerland." Country Richest share of taxes Richest share of income Ratio United States 45.1 33.5 1.35 Ireland 39.1 30.9 1.26 Italy 42.2 35.8 1.18 Australia 36.8 28.6 1.29 United Kingdom 38.6 32.3 1.2 New Zealand 35.9 30.3 1.19 Canada 35.8 29.3 ...
Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America
Post Date: 2011-01-29 16:05:44 by Godwinson
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Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America Matt Taibbi From Publishers Weekly Starred Review. Taibbi eviscerates Wall Street for what he considers frauds perpetrated on the American people over the last ten years. Deftly delving deeply into complicated financial history and lingo, Taibbi deftly lays the subject bare, rendering heretofore-dense subject matter simple without being simplistic. Blame for the recent mortgage collapse, commodities bubble, and tech bubble are laid at the feet of a relatively small number of bankers and traders who, in the author's opinion, act without fear of reciprocity from a U.S. government no longer ...
Other People's Money: The Corporate Mugging of America
Post Date: 2011-01-29 16:02:30 by Godwinson
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Other People's Money: The Corporate Mugging of America [Paperback] Nomi Prins A giddy romp through the old-boy networks and unending power plays of Wall Street, Corporate America, and Capitol Hill. -- Barron's A great crime story in which the culprits get away with larceny on an epic scale. -- William Greider Exceedingly well-documented [and] fascinating. -- Library Journal The most revealing description yet of what it is like to work for the mighty Goldman Sachs. -- The Economist Product Description In a widely acclaimed exposé, a former Wall Street insider reveals how business executives and politicians schemed their way to the bank. Critical, independent voices are ...
It Takes a Pillage: An Epic Tale of Power, Deceit, and Untold Trillions
Post Date: 2011-01-29 15:59:44 by Godwinson
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A former Wall Street manager turned muckraking journalist gets inside how the banks looted the Treasury, stole the bailout, and continued with business as usual We've all watched as packs of former Big Finance leaders commandeer posts in Washington and lavish trillions in bailouts to "save" big Wall Street firms that will use that money for anything and everything except to fill in Main Street's potholes. Former Wall Streeter Nomi Prins has been watching, too, and she isn't going to let them get away with it. She knows all about Big Finance and big money and moving numbers - and in this book she exposes the fundamental follies of our economic system and the schemes of ...
Grand Theft America
Post Date: 2011-01-29 15:48:59 by Godwinson
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The Great Wealth Transfer (Part 1 of Many) by kylewilson on November 10, 2010 The crime of the century. The greatest one ever. Author Danny Schechter calls it "Plunder." The title of his important new book on the subprime and overall financial crisis. Economist Michael Hudson and others refer to a kleptocracy. A Ponzi scheme writ large. Maybe an out-of-control Andromeda Strain. An economic one. Deadly. Unrecallable. Science fiction now real life. Potentially catastrophic. World governments trying to contain it. Trying everything but not sure what can work. Maybe only able to paper it over for short-term relief. Buy time but in the end vindicate the maxim that things that ...
Wall Street banksters are to blame for state pension "crisis," not public sector employees...
Post Date: 2011-01-29 15:35:57 by Godwinson
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Wall Street banksters are to blame for state pension "crisis," not public sector employees... Jan 18, 2011 Click for Full Text!
Fraudonomics: Is all this scare-mongering states defaulting just Wall Street banksters manipulating bond markets?
Post Date: 2011-01-29 15:33:37 by Godwinson
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Fraudonomics: Is all this scare-mongering states defaulting just Wall Street banksters manipulating bond markets? Jan 21, 2011
Paying for banksters' crimes: Austerity measures bring worst plunge in British standard of living in 80 years.
Post Date: 2011-01-29 15:27:15 by Godwinson
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Paying for banksters' crimes: Austerity measures bring worst plunge in British standard of living in 80 years Jan 27, 2011 Click for Full Text!
NFL: Socialism makes everyone rich
Post Date: 2011-01-29 00:01:34 by Godwinson
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Globe Editorial NFL: Socialism makes everyone rich March 7, 2010 The Tea Partiers are right. There is socialism in the United States. It’s called the National Football League. In fact, this fantastically successful experiment in corporate socialism is now at risk of being ruined by owners and players who are threatening to behave as rational market actors. The league’s business practices contradict the tenets of a free market. With its salary cap and salary floor that oblige all 32 franchises to spend the same amount on players each year, the NFL effectively prohibits any team from gaining an investment advantage over its competitors. A draft order that bestows the highest ...
Rich Retirees Big Losers, Young Homeowners Big Winners in Inflation. Inflation is also a boon for the government and a tax on foreigners.
Post Date: 2011-01-28 10:31:18 by Godwinson
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Rich Retirees Big Losers, Young Homeowners Big Winners in Inflation Inflation is also a boon for the government and a tax on foreigners. December 19, 2006 – During periods of unexpected inflation it is the wealthiest of retirees that are the primary losers and the young, middle-class that are the big winners, reports a new study. This study in the December issue of the Journal of Political Economy says that even mild inflation can lead to substantial redistribution of nominal assets from lenders to borrowers, specifically, the transfer of wealth from older, wealthier households to younger, middle-class households. "Inflation affects all nominal asset positions, not just cash ...
Time to declare victory over deflation?
Post Date: 2011-01-28 09:59:40 by Godwinson
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Time to declare victory over deflation? January 22, 2011|Tom Petruno | Market Beat The Federal Reserve's massive money-printing campaign of the last two years has had one central goal: Make sure the U.S. doesn't lead the global economy into the black hole of deflation. It may be time to declare "mission accomplished." Around the world, many countries aren't confronted with the debilitating forces of deflation, or falling prices and wages, but the opposite — inflation. Rising prices, particularly for food, have fueled credit- tightening moves by China, India, Brazil, Australia and other nations in recent months. Even in Europe, where a government-debt crisis ...
Obamanomic foreclosure activity up across most US metro areas
Post Date: 2011-01-27 13:37:59 by Happy Quanzaa
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LOS ANGELES (AP) - The foreclosure crisis is getting worse as high unemployment and lackluster job prospects force homeowners in an increasing number of U.S. metropolitan areas into dire financial straits. In Seattle, Houston and Chicago, cities that were relatively insulated from foreclosures early on in the housing bust, a growing number of homeowners are falling behind on mortgage payments and finding themselves on the receiving end of foreclosure warnings. Others have already seen their homes repossessed by lenders. All told, foreclosure activity jumped in 149 of the country's 206 largest metropolitan areas last year, foreclosure listing firm RealtyTrac Inc. said Thursday. The ...
All Pain, No Gain: A Brief History of “Austerity Program” Massacres & Disasters
Post Date: 2011-01-27 12:19:43 by Godwinson
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January 26, 2011 All Pain, No Gain: A Brief History of “Austerity Program” Massacres & Disasters By Mark Ames Now that the shock of the Gabrielle Giffords shooting is starting to wear off and the country is returning to its normal insanity again, we’re back to facing a far worse, far more serious, and far more violent threat than mere rampage shootings: “Austerity.” The DC-Wall Street power circuit has already decided for the rest of us that “Austerity” is the Big Word that will define the 2011 political agency. Austerity is what the oligarch-sponsored Tea Party demanded, what the Republicans are promising to deliver now that they’re in ...
Obamanomics: Initial Jobless Claims in U.S. Rose Last Week to 454,000
Post Date: 2011-01-27 11:48:40 by Happy Quanzaa
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More Americans than forecast filed first-time claims for unemployment insurance payments last week, indicating it will take time for the labor market to mend. Applications for jobless benefits increased by 51,000 to 454,000 in the week ended Jan. 22, Labor Department figures showed today. Economists forecast 405,000 claims, according to the median estimate in a Bloomberg News survey. The number of people on unemployment benefit rolls rose, while those collecting extended payments fell. A Labor Department official said snow in four southern states in previous weeks created a backlog of claims that were processed last week. While the economy has improved, it hasn’t been enough to ...
Obama's Deficit Sets Stunning New Record
Post Date: 2011-01-26 10:49:35 by Happy Quanzaa
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CBO: this year's budget deficit to hit $1.5T Washington (AP) — A new estimate predicts the federal budget deficit will hit almost $1.5 trillion this year, a stunning new record. The latest figures from the Congressional Budget Office are up from previous estimates because Congress and President Barack Obama teamed up in December on bipartisan legislation to extend Bush-era tax cuts that were due to expire. The new estimates will only add fuel to a raging debate over cutting spending and looming legislation that's required to allow the government to borrow more money. The nonpartisan budget agency predicts the deficit will drop to $1.1 trillion next year. Legislation passed ...
First Wookie wants businesses to waste employees time mentoring youth
Post Date: 2011-01-26 08:09:39 by Happy Quanzaa
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(CNSNews.com) – First lady Michelle Obama on Tuesday said she was “thrilled” to announce a new program that asks U.S. businesses to allow employees to spend part of the work day volunteering with young people. The program will be run by the federal agency tasked with overseeing volunteerism in the United States. “And that’s why today, I am thrilled to announce that the Corporation for National and Community Service (CNCS) has teamed up with several major companies to establish a Corporate Mentoring Challenge,” Obama said at a summit held by CNCS and the National Mentoring Partnership MENTOR at the Library of Congress. “This is a program calling on ...
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